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Saturday, June 22, 2024

StubHub Explores Going Public, Valued at $13B

  • StubHub Holdings has expressed interest in going public via a direct listing.
  • The transaction could value the company at more than $13 billion.
Design: Alex Brooks

StubHub Holdings has expressed interest in going public via a direct listing that could value the ticket exchange and resale company at more than $13 billion, according to Bloomberg. 

The parent company of StubHub and London-based Viagogo has filed paperwork with the SEC and could go public as early as this year. StubHub is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. to facilitate the potential move to the public market. 

StubHub’s interest in a direct listing follows several ticket platforms — which, like StubHub, have a major footprint in live sporting events — going public.

  • Last October, Vivid Seats went public via a merger with Horizon Acquisition Corp. in a transaction that valued the company at roughly $1.95 billion.
  • SeatGeek is going public via a merger with RedBall Acquisition Corp. in a deal that values the combined entity at $1.35 billion

Quite the Journey

Viagogo purchased StubHub from eBay in February 2020 for $4.05 billion in cash, but the combined company has roughly $2.5 billion in outstanding debt. 

StubHub faced scrutiny from UK regulators over the merger due to concerns regarding fair competition in the ticket exchange and resale markets. 

As a result, StubHub sold its international business arms outside of North America to Massachusetts-based investment firm Digital Fuel Capital for an undisclosed amount.

StubHub expects revenue to reach pre-pandemic levels in 2022 due to an increase in live events. However, the emergence of the Omicron variant could impact the company’s ability to rebound.

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